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808
2601 Posts |
 Posted - 08/14/2008 : 10:43:15 AM
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I've been doing Hard Money for the past 3 mos and I'm a little out of the conventional loop so here goes:
FICO: 721mid
DTI: 34%
LTV: 65%
State: Fl
Property Type: PR
Transaction type: c/o refi-debt consolidation
Doc Type: Full
Loan Term: 30yr Fixed
Reserves: 3mos
Escrow Waiver: Yes
Appraised Value: $135k
Loan Amount: $87,750
Here's where it gets interesting. The house is owned free/clear by the borrowers mother. The son (the borrower-age 40) moved down here 2wks ago to take care of his mother who in the early-mid stages of Alzheimers among other things and needs someone to look after her (husband is deceased) so she doesn't end up in a nursing home.
The borrower(son) was quit claimed onto the title back in Sept 04 so that's not the issue and there is no mtg pymt so 12mos mtg pymts is not an issue either.
The problem I'm running into is that the borrower(son) is a car salesman who works on commission. I have 5yrs of W2's for him up in NJ and the last 2yrs he avg'd $85kyr, however everybody I'm talking to wants 1-2yrs work history down here on present job because it's commission even though it's the exact same line of work. Can anybody do this loan based off his NJ employment?
Also, the mother only gets $916/mo in disability so I have a DTI problem there and shes only 58 so I think that eliminates a reverse as well, however she'll go on the loan if necessary.
Here's what I've gotten so far:
TBW- 2yrs on new job
AmTrust- 2yrs on new job
US Bank- 1yr on new job if income is consistent w NJ income
Citi AltA- no 12mos mortgage history
Feel free to respond to this scenario. Thanks in advance |
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1stintegritymort
1298 Posts |
Posted - 08/14/2008 : 10:45:27 AM
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| is the mother over 62 years old? reverse mortgage? |
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808
2601 Posts |
Posted - 08/14/2008 : 10:51:35 AM
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quote:
Originally posted by 1stintegritymortgage
is the mother over 62 years old? reverse mortgage?
58yrs old, it's posted in wordy scenario somewhere |
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TheMoneyStoreguy
317 Posts |
Posted - 08/14/2008 : 10:59:50 AM
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Unfortunately, I think you are going to have this issue anywhere you go with this one. Unseasoned 1099 income is a problem, because your borrower is no longer selling the same line of cars, and is in a new geographical area. There is really no way to calculate income for him. If he were salaried it would be easy.....
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808
2601 Posts |
Posted - 08/14/2008 : 11:47:22 AM
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quote:
Originally posted by TheMoneyStoreguy
Unfortunately, I think you are going to have this issue anywhere you go with this one. Unseasoned 1099 income is a problem, because your borrower is no longer selling the same line of cars, and is in a new geographical area. There is really no way to calculate income for him. If he were salaried it would be easy.....
he's not a 1099, he's a W2 commissioned employee. There has to be someone out there that will do the loan for this guy. He was paying $1,500/mo on a condo up in Jersey for he past 3yrs. His new pymt is gonna be $576/mo.
Also I forgot to mention he's Approve/Eligible and the only thing there asking for is a Verbal VOE. The $64k question is what's gonna happen when the find out he's only been working there <1mo at the new place. I don't want the guy to drop $350 on an appraisal and $250 on a survey only to find out he has to wait 1yr to do this. |
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Davemtg
389 Posts |
Posted - 08/14/2008 : 11:51:17 AM
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| How do you get your Hard Money leads? |
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808
2601 Posts |
Posted - 08/14/2008 : 12:05:22 PM
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| I live in Fl. land of Hard Money Loans & Buy Here/Pay Here car lots. Your question should be 'where do you find Hard Money Lenders'...... that's the tricky part |
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dkendall1979
10284 Posts |
Posted - 08/14/2008 : 12:34:59 PM
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FHA would be more forgiving.
quote:
Originally posted by 808
I live in Fl. land of Hard Money Loans & Buy Here/Pay Here car lots. Your question should be 'where do you find Hard Money Lenders'...... that's the tricky part
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808
2601 Posts |
Posted - 08/14/2008 : 6:31:55 PM
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quote:
Originally posted by JBones1204
I can do this loan FHA in 48 hours. Send me a 1003 and credit or call me to discuss.
If you can do FHA without escrow, UPMIP or PMI I'll call you.
Seriously, I think I found a lender that'll do it, however the situation I have now is now that the borrower might be jumping car dealerships tomorrow so I gotta hold off submitting anything until he gets that squared away.
Thanks anyway though |
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